Davis Polk has served as lead counsel to Arch Coal, Inc. and its subsidiaries throughout their approximately nine-month chapter 11 proceedings. On September 13, 2016, Arch Coal’s Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the Eastern District of Missouri following a nearly uncontested confirmation hearing and after obtaining the support of 100% of Arch Coal’s prepetition first-lien term loan lenders and 98% of Arch Coal’s prepetition second-lien and senior unsecured noteholders. On October 5, 2016, Arch Coal emerged from bankruptcy with a first-day closing market capitalization exceeding $1.5 billion, completing a successful restructuring.

Upon emergence from bankruptcy, Arch Coal’s old common stock par value of $0.01 per share was cancelled and Arch Coal issued new shares of Class A Common Stock, Class B Common Stock and warrants, in each case pursuant to the Plan of Reorganization. The Class A Common Stock is listed on the New York Stock Exchange under the symbol “ARCH”.

In conjunction with its emergence from chapter 11, Arch Coal has obtained (a) a $326.5 million senior secured term loan facility, with Wilmington Trust, National Association acting as administrative agent and collateral agent and (b) an extension of its $200 million trade account receivables securitization facility, with PNC Bank as the administrator.

Arch is the second-largest coal mining company in the United States by total reserves, controlling more than five billion tons of high-quality proven and probable reserves. Arch supplies both metallurgical and steam coal products to a variety of customers located in 36 states and 20 countries on five continents. It has mining operations at 10 complexes across the United States, including in Appalachia, Illinois, Colorado and Wyoming’s Powder River Basin.

The Davis Polk restructuring team included partners Marshall S. Huebner and Brian M. Resnick, counsel Michelle M. McGreal and associates Aryeh E. Falk and Douglas R. Keeton. The finance team included partner Jinsoo H. Kim, counsel John (JW) Perry and associates Andrei Takhteyev and Vanessa L. Jackson. The corporate and capital markets team included partner Michael Kaplan, counsel Meredith L. Mackey and associate Julia Danforth. The litigation team included partner Elliot Moskowitz and associates Jillian Rennie Stillman and Lara Samet Buchwald. Partner Kathleen L. Ferrell provided tax advice. All members of the Davis Polk team are based in the New York office. 

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